Wendy’s CEO Kirk Tanner to Lead Hershey with 180% Salary Boost

Kirk Tanner, who has been serving as the CEO of Wendy’s for the past 17 months, is set to depart his role to take over as the CEO of Hershey. His transition to Hershey will be effective from August 18, replacing Michele Buck, who announced her retirement earlier this year. Buck will continue to work with Tanner as a senior advisor to ensure a smooth transition.

Tanner's tenure at Wendy’s was marked by innovative collaborations, including the launch of items such as a chicken sandwich, fries topped with Takis, and a Thin Mints Frosty. However, these initiatives did not translate into significant sales growth. Wendy’s had to revise its sales and profit outlook for 2025 in May, and its shares have declined by 30% year to date.

Despite the challenges at Wendy’s, Hershey made an attractive offer to Tanner. His total compensation at Wendy’s last year was $17.3 million. At Hershey, he will receive a base salary of $1.25 million and is eligible for a cash incentive award targeted at 180% of his base salary. Additionally, Tanner will receive a restricted stock unit award worth $7 million and a performance stock unit worth $4 million as a sign-on bonus, both of which will vest over a three-year period. He will also receive another $3.4 million worth of pro rata stock.

Tanner is also eligible to receive an annual equity-based compensation award of up to $9 million, a figure determined by the company’s board. In comparison, Buck’s total compensation last year included a base salary of $1.4 million and an annual incentive of 160% of that base. Her total compensation in 2024, after stock awards and incentives, amounted to $11.9 million. In 2023, she earned $15.7 million.

Tanner’s compensation package at Hershey is notably higher than that of his predecessor, Michele Buck. This significant increase in compensation reflects Hershey’s confidence in Tanner’s leadership and strategic vision, as well as the company’s commitment to attracting top talent. The transition from Wendy’s to Hershey marks a shift in Tanner’s career, moving from the fast-food industry to the confectionery sector. This change could bring fresh perspectives and innovative strategies to Hershey, potentially driving growth and success in the competitive candy market.